If you’re eyeing a high-value property or live in a pricey area, a Jumbo Loan could be your ticket to securing the home of your dreams. These loans go beyond the conventional conforming loan limits set by the Federal Housing Finance Agency (FHFA). Think of them as the VIP section of mortgages—offering access to exclusive financing for higher-priced homes.

What Makes Jumbo Loans Different?

Jumbo Loans aren’t your average mortgage. Since they exceed conforming limits and aren’t backed by federal agencies, they come with a few extra hoops to jump through. But don’t worry—if you’re prepared, they’re entirely manageable!

Do You Qualify for a Jumbo Loan?

Here’s what you’ll typically need:

1. A High Credit Score: Aim for 680 or above.
2. A Strong Down Payment: 10.01% or more is standard.
3. A Manageable Debt-to-Income Ratio (DTI): 43% or lower.
4. Proof of Financial Stability: Verifiable income and employment history, plus documentation of assets.
5. A Big Enough Loan Amount: Your loan must exceed the conforming limits in your area.

Breaking Down the Numbers

• Example: For a $1,000,000 loan at 3.15% interest (3.30% APR) over 30 years, you’d pay $4,380 per month (excluding taxes and insurance).
• DTI Explained: Your DTI is the percentage of your income that goes toward recurring debts. For example, if your monthly debts total $2,300 and your pre-tax income is $6,000, your DTI is 38%.

What About Mortgage Insurance?

Unlike some other loan types, Jumbo Loans typically don’t include mortgage insurance. This is one reason why lenders require more financial stability for approval.

Jumbo Loan Options Tailored to You

We offer a variety of Jumbo Loan products to fit different needs:

1. Classic Jumbo: Loans up to $3M, for 1-4 unit properties.
2. Elite Jumbo: Loans up to $2M, ideal for 1-2 unit properties.
3. Flex Jumbo: Loans up to $5M, with the flexibility to cover 1-4 unit properties.
4. Premier Jumbo: Loans up to $2.5M, for primary residences or investments.
5. Expanded Jumbo: Loans up to $2M, offering versatility across property types.
6. Jumbo A: Loans up to $3M, with options for single-family homes, PUDs, and condos.

Eligible Properties for Jumbo Loans

Jumbo Loans can be used for a range of property types, from single-family homes to multi-unit residences. Whether it’s your primary home, a second home, or even an investment property, there’s likely a Jumbo Loan product that fits.

How to Apply for a Jumbo Loan

Applying for a Jumbo Loan is straightforward—just gather these essentials:

1. Proof of income and employment (pay stubs, W-2s, tax returns).
2. Financial documentation (bank statements, asset records).
3. Residential history (at least two years).
4. Credit history (check your credit report to ensure accuracy).
5. Identity verification (like a driver’s license or Social Security card).